NZD/USD Price Analysis: Holds on to post-RBNZ FSR, NZ Employment run-up beyond 0.7150

NZD/USD stays well bid as strong NZ jobs report supersedes RBNZ’s cautious optimism.
MACD teases bears below weekly falling trend line but 50-day SMA, monthly support line keeps bears away.

Anil Panchal FXStreet

NZD/USD pokes intraday high during the latest run-up to 0.7170, up 0.37% on a day, amid early Wednesday.

The kiwi pair earlier jumped over 20 pips following the strong beat of the first quarter (Q1) employment figures from New Zealand. It’s worth mentioning that the Reserve Bank of New Zealand’s (RBNZ) bi-annual Financial Stability Review (FSR) struck mixed comments but were mostly ignored by the NZD/USD traders.

Read: NZD/USD jumps over 20 pips toward 0.7200 on upbeat New Zealand Q1 employment report

That said, the pair’s successful bounce off the 50-day SMA and one-month-old support line battles a short-term resistance amid recently bearish MACD signals.

Hence, an area between 0.7185 and 0.7120, comprising a nearby resistance line and a bit longer support trend line respectively, could keep teasing NZD/USD traders.

Inside the area, buyers can stay hopeful until the quote remains above the 50-day SMA level of 0.7140.

It should, however, be noted that a clear upside break of 0.7185–20 region will challenge April top around 0.7290 whereas a downside trading below 0.7120 could recall a support area surrounding 0.7070.

NZD/USD four-hour chart

Trend: Sideways

Additional important levels

Overview
Today last price	0.7172
Today Daily Change	27 pips
Today Daily Change %	0.38%
Today daily open	0.7145

Trends
Daily SMA20	0.7152
Daily SMA50	0.7146
Daily SMA100	0.7162
Daily SMA200	0.6947

Levels
Previous Daily High	0.7208
Previous Daily Low	0.7115
Previous Weekly High	0.7287
Previous Weekly Low	0.715
Previous Monthly High	0.7287
Previous Monthly Low	0.6945
Daily Fibonacci 38.2%	0.7151
Daily Fibonacci 61.8%	0.7173
Daily Pivot Point S1	0.7104
Daily Pivot Point S2	0.7063
Daily Pivot Point S3	0.701
Daily Pivot Point R1	0.7197
Daily Pivot Point R2	0.725
Daily Pivot Point R3	0.7291

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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